PHILADELPHIA and NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) — Cohen & Company Inc. (NYSE American:COHN) (the “Company”) today announced that on May 24, 2018, Dekania Capital Management, LLC, an affiliate of Cohen & Company and the collateral manager and auction appointee of Dekania Europe CDO I PLC (“Dekania Europe I”), received bids that exceeded the minimum purchase price required for its mandated quarterly auction to be successful. Dekania Europe I has received a security deposit from the successful bidder and the remaining auction proceeds are due to be paid by Tuesday May 29, 2018. As a result of the successful auction, all rated notes of Dekania Europe I will be redeemed at par on the next interest payment date, June 7, 2018, while all remaining funds will be paid in a final distribution to the holders of the subordinated notes once the trustee has paid all expenses related to the liquidation of the vehicle.
Daniel Cohen, Chairman of the Board of Cohen & Company and President and Chief Executive of the Company’s European Business, said, “We are pleased to announce the successful auction of Dekania Europe I, which is a testament to the Company’s capabilities in insurance related investments and asset management. We have been investing in insurance company debt since 2003, and we look forward to strengthening this capacity as we continue to grow our insurance platform.”
Paul Vernhes, Managing Director of Cohen & Company’s European Asset Management platform, added, “The successful auction of Dekania Europe I is strong evidence of the quality of its collateral, which weathered the financial crisis and its 13 years of existence with only one default. We believe this demonstrates the robustness of insurance subordinated debt in general, as well as Cohen & Company’s expertise in this area.”
The Company has been a leading specialist in investment in the insurance market, having deployed over $4 billion through Dekania Capital Management, LLC and Cohen & Company Financial Limited managed products. In addition to CDOs and managed accounts, the Company currently manages its PriDe program, which provides subordinated debt to both U.S. and European insurers.
About Cohen & Company
Cohen & Company is a financial services company specializing in fixed income markets. It was founded in 1999 as an investment firm focused on small-cap banking institutions but has grown to provide an expanding range of capital markets and asset management services. Cohen & Company’s operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales, trading, and matched book repo financing as well as new issue placements in corporate and securitized products and advisory services, operating primarily through the Company’s subsidiaries, J.V.B. Financial Group, LLC in the United States and Cohen & Company Financial Limited in Europe. The Asset Management segment manages assets through collateralized debt obligations, managed accounts, and investment funds. As of March 31, 2018, Cohen & Company managed approximately $3.4 billion in fixed income assets in a variety of asset classes including US and European trust preferred securities, subordinated debt, and corporate loans. As of March 31, 2018, 88.6% of the Company’s assets under management were in collateralized debt obligations that Cohen & Company manages, which were all securitized prior to 2008. The Principal Investing segment has historically been comprised of investments in Cohen & Company sponsored investment vehicles but has changed to include investments in certain non-sponsored vehicles. For more information, please visit www.cohenandcompany.com.
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